The new business, while being licensed through Securitor, could be a lot more “nimble” and have a “greater level of decision making” when it came to assisting clients than when Mr Simon was working in the bank, he said.

“That greater level of autonomy to serve my clients and serve my clients the best I possibly can – that for me is the difference compared to if I was a salaried employee,” he said.

While “all options were on the table” in terms of licensing his business – including obtaining his own AFSL – Mr Simon said the “familiarity” of Securitor was the best option for him.

The resources, tools, systems and processes that came with licensing through the Westpac dealer group also added to the “attraction”, Mr Simon said.

Advertisement

Advertisement

Responding to comments from the advice community concerning his decision to describe his business as having an “independent focus”, Mr Simon pointed out he has made it obvious Integral Private Wealth is an aligned practice.

“It should be clear to people that I am an aligned and institutionally connected practice,” Mr Simon said.